Should I Close my BOA with AF

[Anonymous]

Hello all, I am in a dilema. I have a BOA Platinum plus visa with a 9k limit. My balance is 0. This was my very first card and is 7 years old. My average account age is 3 years 6 months. BOA started charging me a 59$ annual fee around 2011...I get no rewards with this card and I see no poing on paying an annual fee. My Equifax Fico score is 698. I currently do all my banking with BOA and have a checking/savings/auto loan with them. I asked them thru chat if they could remove the AF or PC to something with no fee. They said no...even if I PC I would still have to pay that AF. I have a cap one with 10k limit and an Amex with 8k. I owe about 8k on the Cap one (0% promo) so I know that 9k credit on the BOA helps a lot for my utilization. I wanted to get some advice on what to do. I know if I close my BOA I will still keep the history of my account for 10 years so It shouldnt hurt my average account age...is this a true statement?...Should I try and open up a new credti card hoping to get the same CL I currently have with the BOA to help my utilization?..should I just suck it up and pay that 59$ AF?...I am just trying to minimize the negative effect on my score. Any advice is apreciated. Thanks!

[coldnmn]

With 80% utilization on one card it's doubtful if you could get another card with the same CL. Utilization is figured individually as well as total CLs. In my opinion pay the $59 until you get your utilization down. Yes when you close your BoA card it remains on your credit report 10 years.

[OhioCPA]

On my BOA card I was able to get the AF removed after two steps. I did a PC to the Travel Rewards Card. I then called and asked that the AF be removed from the converted card. Since the Travel Reward card doesn't normally have a fee, the CSR was more than willing to remove the fee.  My annual fee wasn't as high as yours, but I wouldn't think that would matter.

Closing an account should not have an impact on your AAoA, as long as the bank continues to report the card. It should stay on your CR for at least ten years. As you stated, your utilization would take a hit as well as the impact from the percentage of accounts with balances going up.

[CreditPlay]

I would try calling them and pc to a rewards card like 321 cash. Then next step would be to get the AF off, since 321 dont have AF as such. If it was me i would try out things before closing a 7 yr old. Try calling backdoor numbers, EO etc if regular CSR is of no help..

[Anonymous]

Thank you all for the advice. I realize that 80% util is hurting me a lot! I got carried away after buying my house with some repairs and took advantage of 0% promo. I was planing to app for a CC with NFCU, I am a member and they have sent me pre approvals for their cc multiple times, and then do a balance transfer from that cap one to keep the 0% going for another year...that should be more than enough time for me to pay down that balance. MY AF is not due until February so I am thinking maybe it is a good idea to call in already and ask for the PC...and then when I am closer to that AF hitting (on February)...mayber around December call in and ask for that AF to be waived.

[baller4life]

Many have reported success having AF removed through EO. I will be taking that route as well.

[yfan]

Unless you need major credit in the next two years, quit worrying about the utilization and stop paying an annual fee that isn't worth it to you. Worry about factors other than on time payments when you are getting close to a major loan.

[Anonymous]

---

@yfan wrote:
Unless you need major credit in the next two years, quit worrying about the utilization and stop paying an annual fee that isn't worth it to you. Worry about factors other than on time payments when you are getting close to a major loan.

---

The only thing right now that I need credit for is another credit card to do a BT of the 8k to avoid getting hit with the regular APR charge after the initial 0% promo I have ends around January next year. Probably trying for a car loan towards the end of next year. Thanks for the advice.

[ddemari]

I emailed the EO office after my BOA cash rewards card was unsecured without a CLI. I asked for a cli and for the fee to be removed. I received a phone call the next day saying my card limit was up to 4x the original limit and the fee was removed permanently. If you are a good customer to BOA and use the card a lot and PIF, they will glady assist you. 

[Anonymous]

---

@ddemari wrote:

I emailed the EO office after my BOA cash rewards card was unsecured without a CLI. I asked for a cli and for the fee to be removed. I received a phone call the next day saying my card limit was up to 4x the original limit and the fee was removed permanently. If you are a good customer to BOA and use the card a lot and PIF, they will glady assist you. 

---

Thanks for the info...do you happen to have that email address?